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Singapore’s DBS, First Bank in Southeast Asia to Announce Landmark Set of Decarbonisation Commitments

DBS is playing its part – They are the first bank in Singapore to sign up to the Net-Zero Banking Alliance (NZBA), and the first in Southeast Asia to publish a concrete and comprehensive set of targets for our Scope 3 financed emissions. These targets will guide us on strategically channelling financing away from high-emitting activities towards low-carbon alternatives.

Decarbonisation targets have been set for seven sectors: 1) Power, 2) Oil & Gas, 3) Automotive, 4) Aviation, 5) Shipping, 6) Steel, and 7) Real Estate. Data coverage targets have also been set for two sectors 1) Food & Agribusiness and 2) Chemicals, paving the way for future emission reduction targets. The seven decarbonisation targets were developed based on internationally recognised and industry-accepted glidepaths such as The International Energy Agency’s Net Zero Emissions by 2050 Scenario.

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For full DBS Pathway to Net Zero Executive Report Summary supported by PBEC Corporate Member Oliver Wyman click Here

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